REX American Resources Corporation

Greetings and welcome to the Rex American Resources Corporation's first quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Doug Brueggemann, Chief Financial Officer. Please go ahead, sir.

Good morning, and thank you for joining RECS American Resources Q1 2025 conference call. With me on our call today are Stuart Rose, RECS Executive Chairman, and Zafar Rizvi, RECS CEO. We'll get to our presentation and comments momentarily, as well as your questions, but first I will review the Safe Harbor Disclosure. In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements that involve risk and uncertainties within meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the company's current expectations and beliefs, but are not guarantees of future performance. As such, actual results may vary materially from expectations. The risk and uncertainties associated with the forward-looking statements are described in today's news announcement and the company's filings with the Securities and Exchange Commission including the company's reports on Form 10-K and 10-Q. REX American Resources assumes no obligation to publicly update or revise any forward-looking statements. I'd now like to turn the call over to our Executive Chairman, Stuart Rose.

Stuart Rose Good morning, and thank you to everyone for joining us today. First quarter of 2025 demonstrated REX's continued operational excellence and strategic execution. We maintained our position as one of the industry's most consistent performers in the face of uncertain and evolving regulatory and market conditions. During the quarter, we saw stable ethanol demand and managed our production as we have in the past to capitalize on market conditions as we see them. The strength of our balance sheet continues to provide us with flexibility to pursue strategic opportunities while maintaining our disciplined approach to capital allocation. As always, we continue to evaluate potential acquisition opportunities that meet our strict operational and financial criteria. Both of our organic growth initiatives, carbon capture and expansion of ethanol production capacity at One Earth continue to progress. For the remainder of the year, We anticipate moving these projects forward, controlling what we can. Beyond operations, one of the duties we take very seriously at RECS is delivering consistent value to our shareholders. To this end, we have continued the share buybacks that we have talked about on our last call. During the first quarter, we repurchased approximately 822,000 shares for a total consideration of $32.7 million during a period when our share price, we believe, was undervalued. Average purchase price for the repurchase shares was $39.80. This brings our buyback activity to approximately 6.8% of our outstanding shares since reinitiating purchases in December 2024. Currently we have approximately 1,182,000 shares remaining on the buyback authorization, which represents an additional approximately 7% of outstanding shares. We plan to continue executing on the remaining share purchase authorizations when and where we see value. I'll now turn the call over to our CEO, Zafar Rizvi to provide updates on our ongoing projects.